TRENTON–Early un-audited Fiscal Year 2010 returns show that the New Jersey Lottery has shattered previous revenue estimates, surpassing $2.6 billion in sales and $900 million in aid to education and institutions for the first time in its four-decade history, New Jersey Lottery Acting Executive Director Carole Hedinger announced Thursday. These estimated figures also mark the third consecutive year that sales have crossed the $2.5 billion level.
These early FY’10 estimates indicate that the Lottery’s gross revenues of $2.6 billion will top the previous record by nearly $66.7 million dollars and will allow it to contribute approximately $924 million to state-sponsored programs, the largest revenue contribution amount in Lottery history, shattering the old record of $887.2 million set in FY2009 by nearly $37 million.
State Treasurer Andrew Sidamon-Eristoff praised the Lottery, saying, “It’s important that we keep in mind what this year’s estimated $924 million in contributions is all about—enhancing the future for our school-age children and the students attending our colleges and universities and improving the quality of life for our developmentally disabled and our state’s veterans. Lottery is the state’s fourth-largest revenue source and this level of performance helps us meet pressing needs at a time when the state is facing very serious fiscal challenges.”
Since the Lottery was created in 1970, approximately $19 billion has been generated in support of programs such as: county college capital improvement initiatives; school nutrition efforts; the Marie Katzenbach School for the Deaf; the operation of centers for the developmentally disabled, state psychiatric hospitals and homes for veterans; higher education tuition and grants; and aid to colleges and universities.
“The Lottery continues to function as an integral component of the state’s economy,” said Hedinger. “Our efforts touch an array programs and services, going far beyond winning numbers and multi-million-dollar jackpots. From the Veterans’ Home in Vineland to Sussex County Community College, the revenues generated by the New Jersey Lottery help make a difference in communities across the Garden State.”
Connect with NJTODAY.NET
Join NJTODAY.NET's free Email List to receive occasional updates delivered right to your email address!